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Archive: 14 March 2020

Posts in 14 March 2020

Recommendations of 39th GST Council Meeting on IT Roadmap

March 14, 2020 11262 Views 1 comment Print

Shri Nandan Nilekani would attend the next 3 meetings of the GST Council and update the council of the status of implementation of the decisions taken by the Council and assist the Council in taking appropriate decisions on technology related issues, 

Changes in GST rates on goods & services in 39th GST Council Meeting

March 14, 2020 15093 Views 1 comment Print

Council made the following recommendations:- To raise the GST rate on Mobile Phones and specified parts presently attracting 12% to 18%. To deliberate the issue of calibrating the rate in other items for removing inversion in future meetings with further consultation and examination of issue.

39th GST Council recommendations on Law & Procedures

March 14, 2020 42675 Views 3 comments Print

a. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively). b. Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of period of application as one-time measure to facilitate those who want to conduct business).

Need to bring aviation turbine fuel under GST: Hardeep Singh Puri

March 14, 2020 420 Views 0 comment Print

We are at a point where we need to bring aviation turbine fuel under GST and by and large there is acknowledgement from across states to make it happen- Hardeep Singh Puri

Govt notifies Maharashtra COVID-19 Regulations, 2020

March 14, 2020 41805 Views 0 comment Print

No person/ Institution/ organization will use any print or electronic or social media for dissemination of any information regarding COVID-19 without ascertaining the facts and prior clearance of the Commissioner, Health Services, Director of Health Services (DHS-I & II), Director, Medical Education & Research (DMER), or Collector as the case may be. This is necessary to avoid spread of any unauthenticated information and/or rumors regarding COVID-19. If any person / Institution / organization is found indulging in such activity, it will be treated as a punishable offence under these Regulations.

Misc. Application cannot be filed for review of final ITAT order: HC

March 14, 2020 2877 Views 0 comment Print

In the instant case, HC notice that not only was there no mistake apparent from the record but in the garb of the Misc. Application, petitioner had sought for review of the final order passed by the Tribunal and for re­hearing of the appeal which is not permissible in law. In our view, Writ Petition does not appear to be bonafide.

No writ should be filed if same issue is already pending before CIT(A)

March 14, 2020 3969 Views 0 comment Print

The issue pertaining to the taxability of anonymous donations received in Hundies maintained by the temple trust under Section 115BBC of Income Tax Act, 1961 is pending determination before the Commissioner of Income Tax (Appeals) for Assessment Year 2015-16.

Taxation of HUF & Family Arrangement

March 14, 2020 75794 Views 0 comment Print

Basic requirements for the existence of an HUF are as follows :(i) Only one co-parcener or member cannot form an HUF Family is a group of people related by blood or marriage. A single person, male or female, does not constitute a family. However the property held by a single co-parcener does not lose its character of Joint Family property solely for the reason that there is no other male or female member at a particular point of time. Once the co-parcener marries, an HUF comes into existence as he alongwith his wife constitutes a Joint Hindu Family as held in the case of Prem Kumar v. CIT , 121 ITR 347 (All.)

Income from agricultural land sale taxable as business Income as Assessee was dealing in properties

March 14, 2020 1269 Views 0 comment Print

Considering the wide phraseology employed, it is obvious that the business of the appellant assessee includes buying and selling even agricultural properties. Therefore, the findings recorded by the AO and the ITAT that the income derived by the Assessee on purchase and sale of the agricultural land will be assessed as income from business, were sustained.

GST Council’s 39th Meeting- Issues which require attention

March 14, 2020 4284 Views 1 comment Print

Today in GST Council’s 39th meeting in New Delhi. Amid economic slowdown and under the threat of Corona virus now, there are dark clouds hovering over Indian and global economy. At this point in time, one does not know the overall impact of virus on economy and lives. If it damages more, as it appears, […]

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